Investment-Banking Relationships: 1933-2007

Morrison, Alan, Schenone, Carole, Thegeya, Aaron and Wilhelm, William Investment-Banking Relationships: 1933-2007. The Review of Corporate Finance Studies. (Accepted)

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Abstract

We study the evolution of investment bank relationships with issuers from 1933-2007. The degree to which issuers conditioned upon prior relationship strength when selecting an investment bank declined steadily after the 1960s. The issuer's probability of selecting a bank with strong relationships with its competitors also declined after the 1970s. In contrast, issuers have placed an increasing emphasis upon the quantity and the quality of their investment bank's connections with other banks. We relate the structural changes in bank/client relationships beginning in the 1970s to technological changes that altered the institutional constraints under which security issuance occurs.

Item Type: Article
Keywords: Investment Banking, Securities Issuance, Underwriting Syndicates, finance
Subject(s): Finance
Date Deposited: 04 Jul 2018 09:31
Last Modified: 04 Jul 2018 09:31
Funders: N/A
URI: http://eureka.sbs.ox.ac.uk/id/eprint/6856

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